VANCOUVER – Taseko Mines Ltd. (TSX: TKO) swung to a loss in the fourth quarter as British Columbia-based miner reported a big drop in revenue.
Taseko said Monday that its comprehensive loss in the three months ended Dec. 31 was $ 9.2 million or four cents per diluted share, compared with a profit of $ 26.2 million or 13 cents per diluted share in the same 2010 period.
Revenue for the three months ended Dec. 31 was $ 60.5 million, down from $ 108.9 million.
The company said a 39 per cent decrease in sales volumes was primarily due to scheduling of shipments of copper concentrate.
“Consequently, there was a large inventory of copper concentrate on hand at the end of the fourth quarter 2011,” it said in a release.
For the full year, Taseko reported net earnings of $ 26.9 million or 14 cents per dilute share on revenue of $ 251.8 million, compared with net earnings of $ 149.3 million or 74 cents per diluted share on revenue of $ 278.4 million in 2010.
Stock in Taseko, which reported after markets closed, was down eight cents at $ 3.71 Monday on the Toronto Stock Exchange.
Local news from metronews.ca/vancouver
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